PHARMA giant AstraZeneca yesterday reported a hit to third quarter profits due to the loss of key patents, as it appointed an internal candidate as chief financial officer.

Loss of patents has affected AstraZeneca's third quarter profits [GETTY]

Marc Dunoyer, recruited from rival GlaxoSmithKline in June, will replace Simon Lowth who departed from the business yesterday to join BG Group.

The decision to opt for Dunoyer, even though he lacks high profile financial experience, reflects the board’s focus on strategic development, according to Panmure Gordon analyst Savvas Neophytou.

He said: “It’s an appointment from within, which was a surprise.

“It’s someone not well known, without market facing credentials, but he has some credentials in business development and strategy.

Whether that makes him a FTSE 100 CFO remains to be seen.”

Third quarter sales fell by 6 per cent to £3.9billion, hit by the loss of patent protection on drugs in some markets, including its cholesterol fighter Crestor. Pre-tax profits fell 22 per cent to £1billion compared to the same quarter last year.

Marc Dunoyer was recruited from GlaxoSmithKline in June [GETTY]

Despite its launch with great razzmatazz, it’s still only generating £300million

Savvas Neophytou, analyst Panmure Gordon

AstraZeneca’s chief executive Pascal Soriot still remained bullish about the company’s development pipeline.

He said: “I am pleased with the progress we are making, particularly on the pipeline, with three regulatory filings, three Phase three starts and four business development transactions since our last update.”

The company also said it is under investigation by US authorities over a clinical trial that was used to win marketing approval for Brilinta, its new heart drug.

Brilinta is key in AstraZeneca’s strategy to revive sales as it grapples with the approaching expiry of a long list of patents. However, sales of the drug have so far failed to impress, Neophytou said.

“Despite its launch with great razzmatazz, it’s still only generating £300million. It needs to become a blockbuster,” he added.

The patent for holestorol-busting Crestor, along with several others, is set to expire soon [ALAMY]